BNY Mellon To Lay Off 1,500
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Thursday, August 11, 2011

BNY Mellon To Lay Off 1,500

Bank of New York Mellon yesterday said in a filing that it plans to cut some 1,500 positions, or approximately three percent of the company's global workforce of 48,900.

Whether the cuts would affect BNY Mellon's Dreyfus Corp. and the U.S. fund services unit within BNY Mellon Asset Servicing is not immediately clear.

Spokesman Mike Dunn told The MFWire that every business group at BNY Mellon "will be asked to look at reducing staffing needs. Each group will make determinations as to where, when and how reductions should be made." Dunn declined to comment further on the planned layoffs.

In a press release, CEO Robert Kelly said expenses "have been growing unsustainably faster" and that the company expects its "natural turnover and immediate hiring freeze will reduce the impact on existing staff."

Meanwhile, company spokesman Joe Ailinger told the Boston Globe that the layoffs would not impact BNY Mellon's previously announced plans to transfer 250 jobs from Pawtucket, Rhode Island, to Westborough, Massachusetts this fall, and its plans to add 150 jobs there.

The Wall Street Journal also covered the planned layoffs.

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